Tax Fact: Taxable Income is BELOW your Gross Income.

Alakov469

Did you know….. Your taxable income is below your gross income. What??

Some taxpayers assume if they make $50,000, they’ll be taxed on $50,000 in income—- but this isn’t the case. The salary you earn from your employer is called your gross income. You’ll need to make adjustments to your income and claim any deductions and credits that you’re entitled to claim in order to arrive at your taxable income. Your taxable income determines what your tax bracket is and how much you’ll actually owe to the IRS.

Reach out to us here at Red Rock Tax & Consulting in Hurricane Utah and let us help you with a better financial future. Call us at 435-635-2494 and we can set up that free 30-minute consultation!

Also, make sure to follow us on Facebook for a new Tax Tip every Tuesday

Or check out our blog for other Tax Tips

Have any questions, give us a call here at Metro Tax & Financial Services.
We are here to help you get through the stress of taxes!

We offer a free 30-minute consultation so call us and let’s get your appointment set up (928) 680-1444

For more Tax Facts make sure you are following us on Facebook

Click HERE for more Tax Facts and Financial News

Second Covid-19 Stimulus Relief Package

by Alex Isakov | January 15, 2021 | Finance News | 0 Comments

The IRS and Treasury Department released the second round of the covid-19 stimulus relief payments as part of the Supplemental Appropriations Act of 2021, signed into law on December 27th, 2020. It’s part of the $900 billion coronavirus relief package designed to help...

Tax Fact: Financial Tips

by Alex Isakov | September 1, 2020 | Tax Facts | 0 Comments

It's Tax Fact Tuesday!I We would like to share with you some financial tips... some you may have never thought of......When is a good time to focus on your financial health? I am going to say... NOW Get paid what you're worth and spend less than you earn. That may...

Tax Fact: Employee or My Own Boss

by Alex Isakov | May 26, 2020 | Tax Facts | 0 Comments

Should I be an employee or be my own boss? Everyone needs income to live and support their family. Question is should I be an employee, or should I be my own boss? There are pros and cons to both. As an employee, you are subject to fewer taxes (7.65%) being taken out...

Tax Fact: Filed 2019 Taxes?

by Alex Isakov | May 26, 2020 | Tax Facts | 0 Comments

Have you filed your 2019 taxes? Are you wondering where your tax refund is or how to find out? Whether you owe taxes or you're expecting a refund, you can find out your tax return's status by Using the IRS Where's My Refund tool. Calling the IRS at 1-800-829-1040...

Scam-Proof Guidelines for Wiring Money

by Service2Client | February 1, 2026 | Blog, Financial Planning | 0 Comments

Wiring money is like sending cash: Once you’ve sent it, it’s gone. It is very difficult to retrieve – in fact, more difficult than recovering physical dollar bills.For businesses, always call the recipient to verify ACH details before sending; this...

What is the American Jobs Plan?

by Alex Isakov | July 15, 2021 | Tax Facts | 0 Comments

Last time we talked about the American Families Plan in our last post. You can read it HERE. But now we are going to talk about what the American Jobs Plan is. New presidents bring new administrations and they bring new policies, budgets, and proposals. In May, the...

Tax Brackets 2025

by Alex Isakov | December 28, 2021 | Finance News | 0 Comments

As we’ve discussed before HERE, tax brackets can change each year or with each new government, 2025 is no different, as inflation also proved another reason to change some of the tax brackets. According to the IRS, “the top tax rate remains 37% for individual single...

Tax Fact: Does buying or selling a house affect my Taxes?

by Alex Isakov | July 14, 2020 | Tax Facts | 0 Comments

How does buying or selling a house affect my taxes? Whether you are buying or selling a house, the process can be quite stressful, especially when thinking about potential tax implications. Buying a House- The new Closing Disclosure Form is one of the most important...

2021 Tax Changes to Benefit You

by Alex Isakov | March 1, 2021 | Tax Facts | 0 Comments

Here are 2021 Tax Changes that will benefit you. Each tax year, there are refundable tax credits that individuals can qualify for if they’ve earned an income (EITC) or have a child (CTC). These credits are normally based on the earned income of an individual, but...

What to Expect from U.S. Tax Policy in 2026

by Service2Client | February 1, 2026 | Blog, Tax and Financial News | 0 Comments

After a whirlwind 2025 that produced what may be the largest tax bill in American history, the coming year looks dramatically different. Tax policy experts are predicting a legislative standstill, a turbulent tax filing season, and lingering questions about how new...